Precious Metals

Metals Creek Resources Corp. (TSXV: MEK) (the "Company" or Metals Creek) is pleased to announce that the company has been advised by Its Option partner Quadro Resources Ltd. (TSXV: QRO) (Quadro) that it has received an exploration permit to carry out exploration work on its recently optioned Careless Cove and Yellow Fox properties in Newfoundland and Labrador (together, the "Property"), where it has the right to earn a 100% interest under an agreement with Metals Creek (see Quadro news release dated October 8, 2020).

The Property is located within and adjacent to New Found Gold Corp.'s Queensway High-Grade Gold Project as illustrated on the attached map. The Quadro claims are approximately 12 kilometers southwest of New Found Gold's Keats Zone which is the main focus of its ongoing 100,000 meter drill program where results include an intersection of 92.86 g/t Au over 19.0 meters (see New Found Gold press release dated Nov. 16, 2020).
Note: Gold values on adjacent properties in similar rocks are not representative of the mineralization on the property, have not been verified, and should not be relied upon.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/943/69852_1c1d1f2f74cadb78_002.jpg

Figure 1: Careless Cove and Yellow Fox claims (map by ExplorationSites.com, October 14, 2020).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/943/69852_1c1d1f2f74cadb78_002full.jpg

Planned exploration - Quadro plans to carry out an initial orientation program consisting of prospecting and soil sampling on both properties over the next quarter. The surveys are planned to follow up on known gold mineralization and to help define targets for follow-up trenching and drill testing. Previous work by MEK had located a number of gold targets as described in the Quadro press release on Oct 8, 2020. A summary of these results follows:

Careless Cove - Recent prospecting carried out by MEK at Careless Cove uncovered mineralization comprised of quartz breccia with disseminated and vein hosted pyrite/arsenopyrite with minor stibnite. Results from outcrop include:

Sample Numberg/t Au
2361027.39
2361030.47
2361044.15

 

In addition, follow up prospecting has located rubble approximately 50 meters away from the above mentioned outcrop samples with assays of:

Sample Numberg/t Au
3237637.37
32376411.83

 

Yellow Fox - Initial prospecting carried out by MEK in 2011, resulted in a concentration of highly anomalous gold values with one sample returning an assay of 59.413 g/t Au (main Yellow Fox showing) (see MEK press release dated June 22, 2011). Soil sampling and follow-up trenching was completed across the mineralization. Initial sampling consisted of 13 selective grab samples taken throughout the trenches with assay values ranging from 214 ppb to 1877 ppb Gold and up to 11.1 % Sb, 5.5% Pb, 7 % Zn, and 72.9 g/t Ag. The trenches were then channel sampled along their length using a diamond bladed rock saw. The best result from channel sampling was 0.306 g/t Au over 26.82m within 29 continuous samples and 4.57% Sb over 1 meter. Although, very encouraging, there has been no follow-up work done since (see Newfoundland Geoscience Resource Atlas Geofile Number: 002D/0779).

Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.

The terms of the acquisition are outlined as follows:

  1. The Property consists of five licenses (40 units) in two separate groupings referred to as the Careless Cove group and the Yellow Fox group.
  2. To acquire MEK's interest, QRO will issue to MEK a total $100,000 and 1,500,000 shares according to the following schedule:
  • $15,000 and 300,000 on signing; (Paid)
  • $20,000 and 300,000 shares on the first anniversary;
  • $20,000 and 400,000 shares on the second anniversary; and
  • $45,000 and 500,000 shares on the third anniversary
  1. Once QRO is vested at 100% by meeting all the payments above, MEK will retain a 2.0% Net Smelter Return (NSR) royalty on any future mineral production. QRO will have the right to purchase 50% of the NSR from MEK for $1,000,000.

Wayne Reid, P.Geo, a Director for the Company and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.

Analyses in this release were performed by Eastern Analytical of Springdale, NL with ISO 17025 accreditation. Samples were transported in sealed bags to Eastern and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA finish.

Note: The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.

In addition to its portfolio of projects, Metals Creek also holds a position of equities in other companies such as O3 Mining, Sokoman Minerals, Quadro Resources (QRO), Anaconda Mining, Benton Resources, White Metal Resources, Trifecta Gold, Manning Ventures, Magna Terra Minerals as well as others.

About Metals Creek Resources Corp.

Metals Creek Resources Corp. is a junior exploration Corporation incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek has signed an agreement with Newmont Corporation, where Metals Creek can earn a 100% interest in the past producing Dona Lake Gold Project in the Pickle Lake Mining District of Ontario.

Metals Creek also has multiple quality projects available for option in Ontario and Newfoundland which can be viewed on the Corporation's website. Parties interested in seeking more information about properties available for option can contact the Corporation at the number below.

Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Alexander (Sandy) Stares, President and CEO

Metals Creek Resources Corp
telephone: (709)-256-6060
fax: (709)-256-6061
email: astares@metalscreek.com
www.MetalsCreek.com

Twitter.com/MetalsCreekRes
Facebook.com/MetalsCreek

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69852

News Provided by Newsfile via QuoteMedia

metals creek

Metals Creek Resources


Keep reading...Show less
i-80 Gold Corp.

i-80 Gold Corp.

i-80 Gold Corp is a well-financed gold producer and developer holding an impressive portfolio of advanced-stage gold projects in the State of Nevada. The company's primary goal is to build a self-sustaining, mid-tier, mining company with a peer-best growth platform by employing a methodical, capital disciplined and staged approach to minimize risk while also assessing and monitoring for accretive growth opportunities.

gold bars

Top 5 Gold Stocks on the TSX (Updated November 2022)

Click here to read the previous best gold stocks article.

The gold price is finally gaining some ground after falling below US$1,650 per ounce in September for the first time since 2020. The yellow metal neared US$1,800 in mid-November and is now sitting above US$1,750.

Even so, gold is still under pressure, and some experts think now is the time to buy. The Investing News Network spoke with Mark Yaxley, managing director of bullion dealer SWP, twice in November, and he shared his advice on buying bullion both times.

"My advice … to my clients, who are mostly Canadians and Americans, is maybe you should be mirroring eastern investors and taking advantage of these dips at this price level," he said in his first interview, explaining that westerners often wait for positive price performance to buy gold. In the second discussion, he shared his three guidelines when buying bullion.

Keep reading...Show less
Quadro Resources

Quadro Announces Private Placement

Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to announce that, subject to regulatory approval, it will conduct a non-brokered private placement of up to 10,000,000 units (the “Units”), each Unit priced at $0.05 and consisting of 1 common share of the Company and 1 common share purchase warrant (the “Unit Warrants”), each Unit Warrant being exercisable for an additional common share of the Company at $0.10 for 12 months from closing, and up to 8,333,333 flow-through units (the “FT Units”), each FT Unit priced at $0.06 and consisting of 1 flow-through share and one half common share purchase warrant (the “FT Unit Warrants”), each full FT Unit Warrant being exercisable at $0.12 for a common share of the Company for 12 months, to raise proceeds of up to a total of $1,000,000.

Keep reading...Show less
Quadro Resources

Quadro Shares Results From Its Optioned Staghorn Property

Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to announce high grade gold results from recent work completed by TRU Precious Metals Corp. (“TRU”) on TRU’s recently optioned Staghorn property in Central Newfoundland. This work was completed within the Staghorn option along the Mark’s Pond Shear zone and within the Rich House Mineral occurrence further to the Northeast.

This zone was first identified in 2018 by Quadro technical staff during the execution of a short trenching program. Follow up work including diamond drilling was then able to confirm the presence of a broad, extensive shear zone with multiple parallel high strain gold bearing structures which remains open to the North and along strike to the Northeast and the Southwest.

Keep reading...Show less

Tempus Announces Non-Brokered Private Placement Of Up To C$1.0 M

Tempus Resources Ltd. (ASX: TMR) (TSXV: TMRR) (OTCQB: TMRFF) ("Tempus" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") for gross proceeds of up to C$1,000,000 (approximately A$1,111,000) from the sale of up to 16,666,667 flow-through units of the Company (each, a "FT Unit") at a price of C$0.06 (approximately A$0.067) per FT Unit. Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.09 (approximately A$0.10) for a period of 24 months following the issue date of the FT Unit. Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.

News Provided by Newsfile via QuoteMedia

[subscribe_company_profile use_post="101618410"]

Keep reading...Show less
Peruvian Metals

Peruvian Metals to Extend Warrants

Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) (the "Company") announces that the Company intends to amend the terms of 2,334,000 outstanding warrants of the Company (the "Warrants") that are set to expire December 15, 2022.

The Company has made an application to the TSX Venture Exchange (the "TSXV") to extend the expiry date for all of the Warrants to March 31, 2023. All other terms of the Warrants will remain the same.

Keep reading...Show less

Latest Press Releases

Related News

×